Group 1 - The recent investor relations activity of Yihai Kerry Arawana Holdings Co., Ltd. attracted significant attention, with numerous institutions gathering to understand the company's business layout and development trends [1] - The on-site visits took place on September 11 and September 16, 2025, at two locations in Chongqing and Hangzhou, with participation from 28 institutions including Northeast Securities and Haifutong Fund [2] - The company has established 83 production bases nationwide, with a focus on health products and specialized offerings in the flour sector, despite a slight decline in overall flour consumption [3] Group 2 - The Chongqing enterprise group, established in 2009 and operational since 2011, covers approximately 800 acres and includes a soybean crushing facility and an egg-laying chicken farm [3] - The health product line includes low GI rice and plant sterol series products, with the company leveraging its existing product base for upgrades [3] - The egg-laying chicken factory in Chongqing, which began production this year, has a stock of 750,000 hens and focuses on products like antibiotic-free eggs, primarily sold through traditional and local chain supermarkets [3]

东北证券股份有限公司 证券代码：000686 证券简称：东北证券 公告编号：2025-049 关于第一大股东解除质押及再质押 所持公司部分股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东北证券股份有限公司（以下简称"公司"）近日接到第一大股东吉林亚泰 （集团）股份有限公司（以下简称"亚泰集团"）函告，获悉其已于2025年9月 15日将所持公司37,190,000股股份解除质押并再质押，具体事项如下： 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次解除质押 股份数量 （股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 亚泰 集团 是 24,600,000 3.41% 1.05% 2022-6-24 2025-9-15 上海浦东发展银行股 份有限公司长春分行 亚泰 集团 是 12,590,000 1.75% 0.54% 2022-6-24 2025-9-15 上海浦东发展银行股 份有限公司长春分行 合计 - 37,190,000 5.16% 1.59% - - - 一、本次解除质押基本情况 三、股东股份累计 ...

根据簿记建档当日市场情况，经发行人和簿记管理人协商一致，将簿记建档 结束时间由 2025 年 9 月 16 日 17:00 延长至 2025 年 9 月 16 日 19:00。 特此公告。 （本页无正文，为《关于延长东北证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第五期）簿记建档时间的公告》之盖章页） 2025 9 16 2025 9 16 关于延长东北证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第五期）簿记建档时间的公告 东北证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值余额不超过 80 亿元的次级债券已获得中国证券监督管理委员会（证监许可 〔2024〕1731 号）注册同意。 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第五期） （以下简称"本期债券"）发行规模为不超过人民币 10 亿元（含 10 亿元）。 根据《东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第 五期）发行公告》，发行人和主承销商原定于 2025 年 9 月 16 日（T-1 日）15:00 至 17:00 以簿记建档的方式向网下专业机构 ...

Core Points - The company Yingjianke (300935.SZ) reported a decline in revenue and increased net losses for the first half of 2025 compared to the previous year [1][2] - The company's operating income for the first half of 2025 was 48.45 million yuan, a decrease of 4.11% year-on-year [2] - The net profit attributable to shareholders was -32.38 million yuan, representing a 32.01% increase in losses compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses was -36.56 million yuan, a 22.34% increase in losses year-on-year [2] - The net cash flow from operating activities was -40.72 million yuan, a decline of 14.78% compared to the previous year [2] Financial Performance Summary - In 2024, the company achieved an operating income of 133.82 million yuan, down 17.65% from 2023 [4] - The net profit attributable to shareholders in 2024 was -50.78 million yuan, a 26.35% increase in losses compared to 2023 [4] - The net profit after deducting non-recurring gains and losses for 2024 was -62.50 million yuan, a 16.54% increase in losses year-on-year [4] - The net cash flow from operating activities in 2024 was -32.42 million yuan, a 12.00% decline compared to 2023 [4] Historical Financial Data - In 2022, the company reported an operating income of 167.36 million yuan and a net profit of -27.94 million yuan [3] - The net profit after deducting non-recurring gains and losses in 2022 was -44.59 million yuan, with a net cash flow from operating activities of -50.05 million yuan [3] IPO and Fundraising - Yingjianke was listed on the Shenzhen Stock Exchange's ChiNext on January 20, 2021, with an initial issuance of 14.13 million shares at a price of 56.96 yuan per share [4][5] - The total funds raised from the IPO amounted to 80.48 million yuan, with a net amount of 73.74 million yuan after deducting issuance costs [5] - The company planned to use the raised funds for various projects, including the development of a Building Information Modeling (BIM) platform and marketing network expansion [5]

Group 1 - The report from Northeast Securities analyzes the causes of the 1970s gold bull market and draws parallels to the current market conditions, highlighting the loosening of fiscal and monetary discipline in the U.S. as a key factor [1][2][24] - The 1970s gold bull market unfolded in five stages, starting with a prelude in 1968-1969, followed by a first surge from 1970-1974, a pause in 1975-1976, a second surge from 1977-1979, and concluding with the market's end in 1980 [1][24] - The report suggests that if U.S. fiscal and monetary expansion leads to renewed inflation, and if the Federal Reserve lacks the courage to raise interest rates, it could trigger a new gold bull market [2][24] Group 2 - Current similarities with the 1970s include high fiscal deficits and debt levels, as well as potential challenges to the independence of the Federal Reserve, which could lead to an upward pressure on gold prices [2][24] - The report notes that the current gold buying landscape is more diversified, with significant participation from emerging market central banks and strong demand from Asian investors, contrasting with the more limited involvement of Western investors [2][26] - The development of AI could impact the long-term value of gold; if AI progresses slowly, traditional fiscal and monetary stimulus methods may continue to support gold's value [30]

Group 1 - 52TOYS, established in 2015, is a leading IP toy company in China with over 100 proprietary and licensed IPs, ranking second in multi-category IP toys and third in overall IP toys by GMV in 2024, with a cumulative GMV exceeding 190 million RMB [1][30] - The company has experienced significant revenue growth, with projected revenue increasing from 463 million RMB in 2022 to 630 million RMB in 2024, representing a compound annual growth rate (CAGR) of 16.7% [1][34] - The adjusted net profit turned positive in 2023, reaching 32 million RMB in 2024, a year-on-year increase of 68%, with a gross margin projected to improve to 40.5% [1][48] Group 2 - The global IP derivative market is expected to grow from 1,020.5 billion RMB in 2020 to 1,405.6 billion RMB in 2024, with China's market expanding from 99.4 billion RMB to 174.2 billion RMB during the same period [2][63] - The Chinese IP toy market is in its early development stage, with a projected per capita expenditure of 53.6 RMB in 2024, significantly lower than the US and Japan, indicating substantial growth potential [2][68] - The industry is driven by factors such as expanding audience, explosive IP content, emergence of quality products, and policy support, with a competitive landscape that remains fragmented, allowing for growth opportunities for 52TOYS, which holds a market share of 1.2% [2][7] Group 3 - 52TOYS employs an "IP Hub" strategy, leveraging both proprietary and licensed IPs, with a diverse product matrix that includes over 500 new products launched annually [2][16] - The company has established a comprehensive sales network that includes direct sales, distributors, and online platforms, contributing to its rapid revenue growth [1][34] - The company has a stable shareholding structure, attracting notable institutional investors, which enhances investor confidence and supports its growth strategy [1][49]

股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第五期）募集说明书摘要 | 主承销商/受托管理人 | 长城证券股份有限公司 | | --- | --- | | 信用评级机构 | 联合资信评估股份有限公司 | | 主体信用评级 | AAA | | 本期债券信用评级 | AA+ | （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 楼 10-19 层） 签署日期： 年 月 日 发行人 东北证券股份有限公司 本期债券发行金额 不超过 10.00 亿元（含） 担保情况 无担保 主承销商、债券受托管理人 东北证券股份有限公司 公开发行次级债券募集说明书摘要 声 明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环 ...

（住所：长春市生态大街 6666 号） 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第五期）发行公告 主承销商、簿记管理人、债券受托管理人 （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 楼 10-19 层） 签署日期：2025 年 9 月 12 日 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 重要提示 1、东北证券股份有限公司（以下简称"发行人"、"本公司"或"公司"）已 于 2024 年 11 月 29 日获得中国证券监督管理委员会证监许可〔2024〕1731 号文 注册公开发行面值不超过（含）80 亿元的次级公司债券（以下简称"本次债券"）。 2、本次债券采取分期发行的方式，东北证券股份有限公司 2025 年面向专业 投资者公开发行次级债券（第五期）（以下简称"本期债券"）为本次债券批文项 下第六期发行。本期债券发行规模为不超过人民币 10 亿元（含 10 亿元），每张 面值为人民币 100 元，发行数量为不超过 1,000 万张，发行价格为 100 元/张。本 期债券简称为"25 东北 C5"，债券 ...

联合资信评估股份有限公司通过对东北证券股份有限公司及其 拟面向专业投资者公开发行的 2025 年次级债券（第五期）的信用状 况进行综合分析和评估，确定东北证券股份有限公司主体长期信用 等级为 AAA，东北证券股份有限公司 2025 年面向专业投资者公开 发行次级债券（第五期）信用等级为 AA+，评级展望为稳定。 东北证券股份有限公司 2025 年面向专业投资者公开发行 次级债券（第五期） 信用评级报告 | - DA | | --- | | i | | 1 6-11 服务 nº14 | www.lhratings.com 1 联合〔2025〕9247 号 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年九月五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面 ...

股票简称：东北证券 股票代码：000686 （住所：长春市生态大街 6666 号） 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券 （第五期）募集说明书 | 本期债券发行金额 | 不超过 | 亿元（含） | 10.00 | 担保情况 | 无担保 | | --- | --- | --- | --- | --- | --- | | 主承销商/受托管理人 | 长城证券股份有限公司 | 信用评级机构 | 联合资信评估股份有限公司 | | | | 主体信用评级 | AAA | 本期债券信用评级 | AA+ | | | （住所：深圳市福田区福田街道金田路 2026 号能源大厦南塔 楼 10-19 层） 发行人 东北证券股份有限公司 主承销商、债券受托管理人 签署日期： 年 月 日 东北证券股份有限公司 公开发行次级债券募集说明书 声 明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证募 集说明书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏。 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏， ...